Mortgage News

The 1st quarter 2008 sales figures issued by SHIP reflect a strong underlying demand despite a drop in funds released, comments Just Retirement.

Brokers and their clients are set to benefit from a new and quicker way to send packaging to Alliance & Leicester's intermediary mortgage centre with the introduction of ifax.

Andrew Montlake, partner, independent mortgage broker Cobalt Capital, comments on today's CML lending figures: "Today's mortgage lending figures were just about as expected and are in line with a 20% drop in general activity levels that most mortgage brokers have seen.

Gross lending totalled an estimated £25.5 billion in May, down only 2% from £26.1 billion in April but 19% from the £31.5 billion high in May 2007, according to the CML.

Legal & General's second report in the ‘Mortgage Purchase Index' series analyses trends from over 24,000 mortgage applications made in the last quarter.

David Black, Principal Consultant of Banking for Defaqto.com says: "The mortgage world is a completely different place from eighteen months ago as the wholesale funding model has largely dried up.

At the Association of Mortgage Intermediaries (AMI) Annual Dinner Director General Chris Cummings, and AMI Chairman the Rt Hon John Gummer MP, called for the mortgage industry to work together and put the interests of consumers first.

Fixed-rate loans became more popular in April suggesting that borrowers are looking for security over future mortgage payments, according to the Council of Mortgage Lenders.

The Building Societies Association (BSA) announces today that it is to expand the work which it does on behalf of building societies by representing their interests in the mortgage and housing markets.

"Another week, another kick in the teeth for mortgage borrowers, with news that Abbey has introduced a non-refundable booking fee of £150 on its mortgage range. Up until now, the only major player who had this was Lloyds TSB, with a £99 booking fee.

The CML is introducing new standards for industry professionals who act for lenders on newly-built property transactions.

A third of the UK population in, or nearing retirement, owe a whopping £207 billion in outstanding mortgage debt - averaging at £37,316 per head - reveals a new report from Key Retirement Solutions, the leading independent equity release specialist.

Recent news stories about 100% and 100% plus mortgages are missing the point when it comes to negative equity, says Your Mortgage magazine.

Commenting on the RICS figures, Louise Cuming, head of mortgages at comparison site moneysupermarket.com, said: "The RICS figures show house prices are going down - but this isn't showing the full picture for home owners.

Commenting on Northern Rock’s agreement with Lloyds TSB, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com said: “This may be good news for some Northern Rock borrowers, but the Lloyds TSB deal will only be offered to a select tier of customers.